CORRECTED – OFFICIAL-Nozar to return Colonial shares to Reyal
December 27th, 2008 | by admin |(Corrects to clarify that Nozar to give back 5 pct ofColonial to Reyal)
MADRID, Dec 26 (Reuters) – Reyal Urbis ()said onFriday that it has agreed with Nozar that it will return 5percent of Colonial () to Reyal and 70.475 million euros($98.57 million) in cash and assets, a Reyal spokeswoman said.
The agreement between Reyal and Nozar, subject toundisclosed conditions, can be executed any time up to March 31,2009.
The agreement terminates the contract drawn up last yearunder the terms of which Nozar bought 5 percent of Colonial fromReyal and undertook to repay a 205 million euros loan onDecember 10.
Reyal was due to call in the debt on December 10, but saidthen that talks with Nozar would continue until December 29.
(Reporting by Carlos Ruano; Writing by Judy MacInnes; Editingby Victoria Main)